OSLO, July 21 (Reuters) - Shares in fertiliser maker Yara
International soared on Thursday despite posting
below-forecast second-quarter earnings as it announced plans to
cut costs by $500 million a year by 2020.

The company gave no details of where the savings would come
from. Some analysts said the savings goal, representing about 5
percent of Yara's cost base, was feasible and could come from
areas such as staff cuts and shaving the cost of supplies, but
others were sceptical it could achieve cuts on this scale when
the vast majority of its costs were on energy.

Yara, the world's largest producer of ammonia, nitrate and
complex fertilizer, had previously said it was looking to cut
costs, but it was the first time the company had given a figure,
which was more than its core earnings for the quarter.

Over the past year, the firm's stock has fallen 29 percent,
lagging the global agricultural chemicals index
, which is down 23 percent.
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